Developer Buys Land In Melbourne

July 8, 1985

Wedgewood Park Development Inc. has bought the first two of three parcels in Melbourne for a 140-acre apartment/condominium complex.

The final price on the package will be $4.3 million, said Wedgewood president David J. Quigley. The first two parcels total 119 acres. The third 21-acre section will be acquired in September. Wedgewood plans to build 400 apartments and 660 condominiums, with construction starting in September and taking three years to finish. Located on Stack Boulevard between Palm Bay and Eber roads, the complex will be called Lake-in-the-Woods, Quigley said.

The company also is considering building 200 congregate-care apartments, which would include meals and planned activities for residents. If the congregate care-units are built, Wedgewood would build only 460 condominiums, Quigley said.

The sellers in the transaction were Charles R. Stack, Michael Palahach, John Barrett, Robert Lazenby and Donald Hansley.